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Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2023
shares
Trading Arrangements, by Individual [Table]  
Material Terms of Trading Arrangement

 

(c) Except as disclosed below during the three months ended September 30, 2023, none of our directors or officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

 

In connection with the vesting of shares of our common stock underlying restricted stock unit or performance stock unit awards, and pursuant to the terms of our 2022 Equity Incentive Plan, on August 14, 2023, Sumit Sharma, our Chief Executive Officer, entered into an irrevocable tax withholding election to have the Company withhold and sell shares to cover his tax withholding obligations for all of his future restricted stock unit or performance stock unit vesting events. Such election is intended to satisfy the affirmative defense of Rule 10b5-1(c). Mr. Sharma’s next vesting event is scheduled to occur on April 8, 2024, when a restricted stock unit award for 300,000 shares of our common stock will be automatically awarded and immediately vest, in accordance with Mr. Sharma’s employment agreement, dated April 8, 2021. The aggregate number of shares to be sold pursuant to such election is dependent on the number of awards held by Mr. Sharma at any time and on the tax rates and taxes in effect on the applicable restricted stock unit or performance stock unit vesting event, and therefore is indeterminable at this time. As background information, Mr. Sharma currently has outstanding performance awards for 2.8 million shares which, if earned, would be subject to this election.
Name Sumit Sharma
Title Chief Executive Officer
Adoption Date August 14, 2023
Aggregate Available 300,000
2022 Equity Incentive Plan [Member]  
Trading Arrangements, by Individual [Table]  
Aggregate Available 2,800,000